The 3 Principles of Making Money Online
Understanding these three principles of making money online could mean the difference between building a thriving online business and just making a little money here and there on the internet. I had to learn these principles the hard way, because when I first started learning how to market online I had it all backwards. However, if you learn these principles in the beginning of your online business endeavors, you will reach your financial goals much sooner.
1. Focus On A Niche That Gives You A Competitive Advantage In The Marketplace - This means to find a way to monetize doing what you love to do, as opposed to jumping at everything that sounds good. If you take this approach, it will be easier for you to build your credibility online and offline, create relevant, unique content, and create your own information products. Think of all the people who became rich gurus by doing what they love to do.
2. Create and Promote Your Own Products On The Front End of Your Sales Funnel - I created my first internet marketing training program almost two years ago. The main income stream in that program was an affiliate product. Even the Affiliate Marketing gurus create their own products teaching you how to make money with affiliate sales.
Also, the best products to create are information products. You can create them quickly, they have a much higher profit margin, and they are less time-consuming and less expensive to create than physical products. Also, promoting your own products on the front end is better for your self-confidence and self-esteem. It is what they call "Pride of Ownership" in real estate.
3. Promote Other People's Products That You Use On The Back End Of Your Sales Funnel - This includes affiliate programs, network marketing products and services, and products that are drop-shipped. Still to this day, it is somewhat annoying when an online marketer sends me a link in hopes that I will join his or her company. What many of them fail to realize is that they really do not own anything. I can't be mad at them though, because I used to do the same thing myself. When you adopt this strategy, and build your brand as an expert in your niche by creating your own products on the front end first, it will be easier to make sales on the back end later.
Sure, many people will argue that it is easier to start making money online by joining a business opportunity or by selling affiliate products, but many times it is only because they are trying to sell you something.
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